The pension crisis in Chicago and Illinois

An ongoing Tribune investigation finds that political dealmaking contributed to a financial crisis in Chicago and Illinois pension funds, threatening the retirement of public employees and potentially putting taxpayers on the hook for billions of dollars.

A key member of a legislative panel charged with finding a way to fill Illinois' worst-in-the-nation unfunded pension liability said Sunday that she believes it is "very likely" a plan to change state retirement benefits could be agreed upon to present to lawmakers next month.

Illinois Senate President John Cullerton said Sunday that the state's massive public employee pension debt is not a "crisis," but instead an issue being pushed by business-backed groups seeking lower income taxes at the expense of retiree benefits.

Gov. Pat Quinn said today that a request by Decatur-based Archer Daniels Midland for millions of dollars in tax incentives to stay in Illinois should not be considered until lawmakers first reform the state's highly indebted public employee pension system.

SPRINGFIELD — Generous health care and pensions will go by the wayside for future political appointees overseeing the Chicago area's local bus and train service, but the current officeholders will get to keep the benefits until they are reappointed to new terms.

Gov. Pat Quinn hinted Tuesday that he may summon lawmakers back to Springfield again this summer to take up public employee pension reform, saying next month's State Fair would provide an ideal time for legislators to work on the issue while also having a little fun.

SPRINGFIELD --- The General Assembly is in special session today to form a conference committee of lawmakers who will try to come up with a way to break a stalemate on government worker pension reform.